Gray Divorce Poses Unique Challenges for Property Division
Posted on Jan 22, 2014 12:00am PST
Many couples in Georgia, Georgia, intend for their marriage to last forever.
However, divorce is sometimes necessary, even for older couples. Dissolution
of a marriage, in general, can be challenging, but it can be even more
complicated for older couples.
Divorce between senior spouses, also known as "gray" divorce,
poses unique financial challenges because it is more likely that the couple
will have accumulated a portfolio of assets. It could take significant
time and effort to inventory and assess the value of the marital assets,
such as real estate, money and savings accounts, benefit plans and business shares.
Because divorce is occurring years after the marriage began, it is also
possible that one of the spouses will have financial issues if a fair
property settlement is not reached. For example, a spouse who passed up
employment opportunities to take care of the home and children would not
have had any opportunity to accumulate outside assets.
Setting up separate households can also be daunting for older divorced
spouses. Many divorcees may assume that expenses after divorce will be
half of married expenses. However, spouses living separately and relying
on an individual source of income may underestimate expenses.
It is important for older divorcing couples in Cobb County, Georgia, to
prepare emotionally and financially. It is important to have a copy of
all financial documents in a safe place. Property division can cause disputes
because some assets may hold sentimental value or one spouse may find
the distribution unfair. It may be necessary to hire a financial adviser
or a legal professional for sound financial advice. A professional can
help assess the value of the marital properties and ensure that all marital
properties are accounted for and distributed fairly between the couple.